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Marex moves listing to U.S.

Mar 27, 2024
Illustration of the Wall St. bull with stock market arrows instead of horns.

Illustration: Gabriella Turrisi/Axios

U.K.-based Marex filed for an IPO in the U.S. on Tuesday, some three years after canceling a listing in its home country.

Why it matters: It's the latest company to pick New York over London — and the move signals more may come.

Details: The commodities broker and trading firm's investors include Trilantic Capital Partners, JRJ Group and BXR Group.

  • The company's revenue rose 75% in 2023, to $1.2 billion, while profits rose 44%, to $141.3 million.

The big picture: The U.K. and the rest of Europe are home to many closely watched fintechs that are coming of age.

Context: In a major blow to the U.K. market, chip designer Arm choose the U.S. for its listing last year.

  • The U.S. has long reigned supreme in listings, but it's been especially brutal for the London Stock Exchange recently. It raised under $1 billion both in 2022 and 2023 for the first time since 2009, per Dealogic.
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